Rapper Flo Rida has become a commercial real estate property owner.
The Miami Gardens, Florida, native has paid $10 million for a retail complex in the area where he grew up.
The South Florida Business Journal reports Peter Izaak of G.I.A. Investments sold his property, a 27,813-square-foot retail complex, to the Florida rapper’s company, Strong Arm Management.
A Major Buy
Flo Rida, who has an estimated net worth of $30 million, acquired the Cloverleaf Plaza shopping complex with his business manager and business partner, Lee “Freezy” Prince, who is co-owner of Strong Arm Management.
Flo Rida and Prince were granted a two-year $6.2 million mortgage from Taylor Made Lending LLC, which amounted to $360 per square foot.
The property, which was developed on a 1.96-acre site between 1954 and 1963, was last sold in 1993 for $1.55 million, making this a significant gain after a long-term investment.
According to David Heinrich of the Keyes Co.’s listing description, the plaza is currently fully occupied, with most tenants having been there for more than 30 years. No word on if Flo Rida will renew their leases or look for new tenants.
Cloverleaf Beauty Supply, Creole Kitchen, Boost Mobile and Top Notch Cigars & Smoke Shop are among the companies in the Miami Gardens property said to be located in the commercial area.
The Celsius Settlement
The retail plaza purchase follows Flo Rida’s whopping $82.6 million settlement with Celsius, the energy drink manufacturer where he worked as an ambassador from 2014 to 2018 in January 2023.
The court awarded Flo Rida with the settlement, finding that Celsius had breached his contract when his contract stipulated that the rapper would receive 1 percent of the company’s shares if Celsius met specific sales goals.
Rappers and Real Estate
As in the case of Flo Rida, there is a trend of Florida-based rappers buying Miami property.
Kodak Black, with an estimated net worth of $5 million, purchased two shop establishments in his hometown of Pompano Beach in February, spending $1.8 million for the 0.7-acre property. He intends to repair one building while redeveloping the other as a new retail complex, according to The Real Deal.
As Finurah previously reported, Grammy-winning hip-hop artist Rick Ross, who reportedly has an estimated net worth of $45 million, announced on Instagram in July that he was purchasing a 12,400-square-foot property at 37 Star Island Drive in Miami Beach.
The almost one-acre property was listed for $37.5 million in May.